why sell pre dividend, page-9

Hi Reflexivity, on your point "it is unlikely the divy would be cancelled (unless they kept the money to pay off bnb - in which case they could keep my divy)."

From their announcement, it appears that a portion of distributable cashflow for the half year to December 2008 (2.4cents per share) has already been retained to pay out the management rights if this becomes necessary, so the 4cents per share divi should be paid regardless.

At least that is my take on it, but I could be wrong.